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ESPOO, Finland - Nokia (HE:NOKIA) Corporation (NYSE:NOK) has progressed with its share repurchase initiative, acquiring a total of 2,820,627 of its own shares on Wednesday. The transactions were conducted across multiple trading venues, with each share purchased at a weighted average price of 4.94 euros.
This move is part of a broader buyback program announced on November 22, 2024, aimed at mitigating the dilutive impact of issuing new shares to Infinera (NASDAQ:INFN) Corporation shareholders and for certain share-based incentives. The program, which is in line with regulatory requirements, commenced on November 25, 2024, and is set to conclude by December 31, 2025. Nokia’s goal is to repurchase 150 million shares, allocating up to 900 million euros for this purpose.
The recent transactions, totaling approximately 13.9 million euros, have increased Nokia’s treasury shares to 182,245,061. The buyback program is being conducted under the authorization of Nokia’s Annual General Meeting held on April 3, 2024.
Nokia is a global leader in B2B technology innovation, focusing on network infrastructure that supports mobile, fixed, and cloud networking. The company is also recognized for its intellectual property and research contributions, particularly through the centennial achievements of Nokia Bell Labs.
The information on the share repurchase is based on a press release statement from Nokia Corporation.
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